The components of long-term debt (net of discounts), along with maturity dates for the years subsequent to May 31, 2016, are as follows (in millions):

			May 31,
			2016		2015

	Interest Rate %	Maturity
Senior unsecured debt:	8.00	2019		$ 750		$ 750
	2.30	2020		399		399
	2.625-2.70	2023		749		749
	4.00	2024		749		749
	3.20	2025		699		699
	3.25	2026		749		-
	4.90	2034		499		499
	3.90	2035		498		498
	3.875-4.10	2043		992		992
	5.10	2044		749		749
	4.10	2045		646		646
	4.55-4.75	2046		2,483		-
	4.50	2065		248		248
	7.60	2098		240		239
Euro senior unsecured debt:	floating rate	2019		559		-
	0.50	2020		558		-
	1.00	2023		836		-
	1.625	2027		1,389		-
Total senior unsecured debt				13,792		7,217
Other debt				12		-
Capital lease obligations				63		51
				13,867		7,268
Less current portion				29		19
			$	13,838	$	7,249

Interest on our U.S. dollar fixed-rate notes is paid semi-annually. Interest on our Euro fixed-rate notes is paid annually. Our floating-rate Euro senior notes bear interest at three-month EURIBOR plus a spread of 55 basis points, and resets quarterly. Long-term debt, exclusive of capital leases, had estimated fair values of $14.3 billion at May 31, 2016 and $7.4 billion at May 31, 2015. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly.

We have a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock.

On April 11, 2016, we issued €3 billion of senior unsecured debt under our current shelf registration statement, comprised of €500 million of senior unsecured floating rate notes due in April 2019 with interest payments quarterly, €500 million of senior unsecured 0.5% fixed-rate notes due in April 2020, €750 million of senior unsecured 1.00% fixed-rate notes due in January 2023, and €1.25 billion of senior unsecured 1.625% fixed-rate notes due in January 2027. Interest on the fixed-rate notes is paid annually. We utilized the net proceeds for working capital and general corporate purposes, including our acquisition of TNT Express.

On March 24, 2016, we issued $2 billion of senior unsecured debt under our current shelf registration statement, comprised of $750 million of senior unsecured 3.25% fixed-rate notes due in April 2026 and $1.25 billion of senior unsecured 4.55% fixed-rate notes due in April 2046. Interest on the notes is paid semiannually. We utilized the net proceeds for working capital and general corporate purposes, including the redemption and the prepayment and defeasance of the underlying debt of certain leveraged operating leases and share repurchases.

On October 23, 2015, we issued under our current shelf registration statement $1.25 billion of senior unsecured 4.75% fixed-rate notes due in November 2045. Interest on the notes is paid semiannually. We utilized the net proceeds for working capital and general corporate purposes, including share repurchases.

On November 13, 2015, we replaced our revolving and letter of credit facilities with a new, single five-year $1.75 billion revolving credit facility that expires in November 2020. The facility, which includes a $500 million letter of credit sublimit, is available to finance our operations and other cash flow needs. The agreement contains a financial covenant, which requires us to maintain a ratio of debt to consolidated earnings (excluding non-cash pension mark-to-market adjustments and non-cash asset impairment charges) before interest, taxes, depreciation and amortization (“adjusted EBITDA”) of not more than 3.5 to 1.0, calculated as of the end of the applicable quarter on a rolling four quarters basis. The ratio of our debt to adjusted EBITDA was 1.9 to 1.0 at May 31, 2016. We believe this covenant is the only significant restrictive covenant in our revolving credit agreement. Our revolving credit agreement contains other customary covenants that do not, individually or in the aggregate, materially restrict the conduct of our business. We are in compliance with the financial covenant and all other covenants of our revolving credit agreement and do not expect the covenants to affect our operations, including our liquidity or expected funding needs. As of May 31, 2016, no commercial paper was outstanding. However, we had a total of $318 million in letters of credit outstanding at May 31, 2016, with $182 million of the letter of credit sublimit unused under our revolving credit facility.